Konsentus to support Fidor Bank with PSD2 compliance in new deal

Konsentus, an Identity and regulatory checking service provider, is to provide PSD2 compliance support to Fidor Bank subsidiary Fidor Solutions through new partnership.

As part of the deal, Konsentus’ third-party providers (TPP) platform will be integrated into fidorOS, an API banking platform, offering an off-the-shelf PSD2 and open banking compliant solution to bank clients.

German challenger bank Fidor Bank will be the first client to deploy the new service to conduct TPP identity and regulatory checking.

Additionally, Konsentus will ensure PSD2 and GDPR compliance for all Fidor Solutions’ bank clients by making sure only authenticated companies can access their customer data.

Konsentus is a SaaS cloud-based platform which integrates with banking functions to ensure validation of access requests.

Fidor Solutions CEO Michael Maier said, “One of Fidor’s key value propositions is to provide a frictionless banking experience, and Konsentus supports us in delivering on this promise.

“As we roll out new services to our digital banking customers in line with the PDS2 open banking directive, we can do so with full confidence that Konsentus protects our customers, while allowing a wide range of third-party payment service providers to securely access their transaction accounts.”

This is just the latest partnership Konsentus has formed this year, helping a number of companies get ready for the September deadline of PSD2.

Konsentus CEO Mike Woods said, “We are delighted to deliver our services to Fidor Solutions and their bank clients. For Fidor Solutions and their B2B clients who are focused on delivering a customer centric experience through innovation and speed, Konsentus is a great fit. Our offering will enable Fidor Solutions to quickly provide enhanced value to their clients.”

The company recently deployed its PSD2 support software to Dutch bank ABN AMRO’s Moneyou subsidiary. Konsentus is helping the banking platform meet PSD2 and GDPR compliance by ensuring only authorised and regulated third-parties can access their customer transaction accounts.

Other companies to partner with Konsentus this year include Mastercard, Neonomics, and Token.io.

The RegTech startup closed its pre-Series A earlier in the year on a ‘multi-million-pound’ figure to support its international expansion plans.